ICICI Lombard Two Wheeler Insurance

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Why do you need a buy two wheeler insurance policy?

Though the need for any form of insurance cannot be ignored, yet, people fail to grasp the underlying importance. Two-wheeler insurance plan, like any other insurance plan, is also important for protecting yourself and your motorbike against unforeseen damages. The reasons to buy a two wheeler insurance plan can be underlined in the following points:

• Firstly and most importantly, a two-wheeler insurance plan is a mandatory legal requirement if you want to drive your motorbike on Indian roads in accordance with law. The Motor Vehicles Act mandates that for a two-wheeler or a four-wheeler to legally ply on Indian roads, they must have an associated insurance cover which should be valid. So, just like a driving license and a PUC (Pollution Under Control) certificate is mandatory, so is a valid insurance cover on your two-wheeler.
• Whenever you are riding your bike, accidents can happen. Any accident causes a great loss to yourself, your bike, to any third person or to any surrounding property. This loss occurs in thousands and you might bear your own loss but who will compensate the loss of any third party or property incurred due to the accident? Here the insurance policy comes into effect. The policy would compulsorily provide for any loss suffered by the third party as it is legally mandatory. Moreover, if you have purchased a package policy, you will also be able to claim for your accident as well as for the repairs of your bike.

Advantages of availing an ICICI Lombard Two Wheeler Insurance:

ICICI Lombard General Insurance offers an attractive two wheeler insurance policy and the company also provides the customers with additional benefits which include:

• The company offers a long-term plan at a single premium. The premium payable availing the plan depends on certain factors such as the cubic capacity of the engine, the age of the vehicle, Geographical Zone, type of the model and the IDV (Insured Declared Value).
• The company specializes in servicing of claims and their settlement in the fastest possible time.
• There is a facility of cashless claim settlement across 1913+ preferred garages across the country.
• The ICICI Lombard General Insurance company provides for an immediate copy of the policy issued.
• The buyer also gets accidental coverage amounting up to Rs.2 lakhs for co-passengers, if any.
• The company also offers a No Claim Bonus (NCB), subject to no claims having been made during the policy period. NCB can be availed of even if the policy being renewed has been taken from other institutions.
• The discount can be accumulated on a yearly basis starting from 20% in the first year and 25% in the following year, continued in the same manner over the subsequent claim free years.
• These ICICI Lombard Two Wheeler Insurance plans are issued for a period of one year.
• The buyer may choose to pay via credit cards (Visa, Master Amex Card), Net banking or even debit cards, cash cards, cheques or via demand drafts.
• Only private vehicles and two-wheelers insurance plans can be purchased online.

The scope of coverage:

The ICICI Lombard Two Wheeler Insurance plan provides coverage against -

• Any loss to the two-wheeler due to calamities which are acts of nature like self-ignition or lightning, fire, explosion, earthquake, typhoon, flood, hurricane, inundation, cyclone, storm, tempest, hailstorm, landslide and rockslide or frost
• Any man-made causes which cause loss like burglary, theft, malicious act, riot, strike, terrorist activity, damage when the two-wheeler is in transit by road, rail, elevator, inland waterway, lift, or air
• Up to Rs.15 lakh of Personal Accident Cover to the vehicle’s driver or owner when they are driving, travelling, dismounting or mounting the vehicle. Co-passengers requiring coverage can avail it additionally
• A legal liability covers for any harm to the third party or any property.

Exclusions under the ICICI Lombard Bike Insurance:

The ICICI 2 Wheeler Insurance plan has an exclusion list which excludes the following types of coverages:

• Any wear and tear or ageing which is due to regular vehicle usage
• If the vehicle faces a mechanical or an electrical breakdown
• If the usage of the two-wheeler violates the limitations of vehicle use
• Depreciation or any loss arising out of it
• Any damage incurred if the person driving the vehicle is under the influence of liquor
• Damage is done by a person driving without holding a valid license
• Damage occurring due to war, nuclear risk or mutiny
• Wear and tear of consumables like tyres and tubes unless the vehicle is damaged at the same time in which case the company shall be liable to pay only 50% of the cost of replacement of such consumables

Total Sum Insured in ICICI Lombard Two Wheeler Insurance:

• The ICICI Lombard Bike Insurance plan provides for insurance of the vehicle at a fixed value called the Insured's Declared Value (IDV).
• IDV is arrived at by adding the value of the manufacturer's listed selling price of the vehicle to the listed price of accessories, if any, subtract the depreciation per year as applicable according to the Indian Motor Tariff.
• In case the price of any electrical or electronic item installed in the vehicle is excluded in the manufacturer’s listed selling price, then the value of the item post depreciation can be added to the sum insured amount above the calculated IDV.

Claim Process for ICICI Lombard Bike Insurance:

Claims can be availed in the form of a cashless service at any of the networked garages. However, in cases of repairs undertaken at garages other than the networked garage, the plan buyer can apply for reimbursements. In order to apply for a claim with the company, an applicant has to register the claim. The claim in case of an accident can be made by following the below mentioned steps:

• The ICICI Lombard Bike Insurance plan buyer is required to note down the number of another vehicle (if any) involved in the accident and the names and contact details of the witnesses (if any).
• The plan buyer has to call at the dedicated toll-free number and inform the concerned executive about the accident. The plan buyer will then be given a claim/reference number.
• The call centre executive will then inform the plan buyer regarding the required documents and the list of the networked garages.
• The plan buyer has to file a First Information Report (FIR) with the police in case of property damage, bodily injury, theft and other major damages.
• The customer service manager will then contact the plan buyer within 24 hours of registration of the claim.
• The ICICI Lombard Two Wheeler Insurance plan buyer is then required to submit all the documents to the dealer or the customer service manager (CSM) along with the originals.
• The CSM then after spot verification gives an estimate of the damage caused and gives instant approval.
• The payment to be made against the repairs is done directly to the networked garage after all the necessary repair work has been done.
• The CSM will inform the plan buyer in case any extra amount has to be paid by the buyer, as per the policies of the plan.
• The plan buyer may alternatively register and track his claim online by clicking on the ‘Lodge a Motor claim’ link available at the Company’s website.

Documents Required for ICICI Lombard Two Wheeler Insurance:

The ICICI Lombard General Insurance Company requires certain documents in order to settle a claim. The documents required differ depending upon the type of the claim.

In case of accidents:

• A claim form duly filled and signed by the plan buyer.
• Electronic payment form, if applicable.
• RC copy of the vehicle
• Copy of the plan buyer’s driving license.
• First two pages of the copy of the policy
• First Information report, if applicable.
• An Original Estimate Slip
• Payment receipt and original repair invoice.
• Only Repair Invoice in case of repairs undertaken in the cashless and networked garage.
• In the case of a company registered vehicle, a stamp is required.

In Case of Theft:

• A claim form duly filled and signed by the plan buyer.
• RC copy of the vehicle along with the keys of the vehicle.
• Copy of the plan buyer’s driving license.
• A copy of the policy
• A true copy of the First Information report.
• RTO transfer papers along with Form 28 (3 copies), 29 (2 copies), 30 and Form 35 (in cases of hypothecated vehicles).
• A no trace report issued by the police claiming that the vehicle is nowhere to be found.
• The claim has to be made immediately by calling at the specified toll-free number.
• In the case of a company registered vehicle, a stamp is required.

In Case of Third-party Claims:

• A claim form duly filled and signed by the plan buyer.
• RC copy of the vehicle
• Copy of the plan buyer’s driving license.
• A copy of the policy
• A copy of the First Information report.

Methods of applying for ICICI Lombard Two Wheeler Insurance:

ICICI Lombard Two wheeler insurance plans offered by the company can be applied to through multiple channels like:

• Individuals wishing to buy two wheeler insurance plans can simply call the Sales helpline of the ICICI Lombard company and speak to the customer service representative.
• They can provide their name, mobile number and details of the product they wish to purchase on the website of the company and request for a callback.
• Online two wheeler insurance plans can be simply applied to by clicking the ‘Get a quote and Buy’ tab available on the company’s website. The process of policy purchase can be done in three easy steps:

1. All he needs to do is log in to the ICICI Lombard company’s website and select the relevant tab. On doing so a new webpage will open asking for certain details such as current insurance policy details, registration details of the vehicle for which the insurance is being sought, personal details of the plan buyer such as his name, marital status, mobile number, email id and other such related details, The details of the vehicle owned by the plan buyer. These details include information such as the model no and make of the two-wheeler, a manufacturer of the two-wheeler along with the ex-showroom price of the two-wheeler. Along with these details, the plan buyer also needs to enter details pertaining to previous policy. These details include previous policy issuance and expiry dates, no. of claims made in the previous plan and details of the NCB, if any. Based on the information provided by the buyer the page calculates the premium to be paid by the buyer in order to avail the plan. The applicant may play with various options till he reaches a premium amount which is convenient for Having reached the premium amount to be paid, the buyer has to click on the ‘continue’ button.
2. A new page opens asking for the buyer’s credentials such as his name, age, residential address, official address, email id, telephone number, and credentials of all the members to be insured, the details of the nominee(s) of the plan. The ICICI Lombard plan buyer also has to supply additional details in regard to the vehicle; these details include the engine/chassis number, vehicle registration plan, and loan or hypothecation details if any. The plan buyer needs to fill up the relevant details. The details provided should be accurate. On having supplied the necessary details, the buyer again needs to click on the ‘continue’ tab.
3. A new page will open, wherein; the policy buyer is required to make payments for the policy bought as per the decided premium amount.

• Customers can also go to their nearest branch or seek the agent’s help to buy the ICICI Lombard policy.

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ICICI Lombard Two Wheeler Insurance - FAQs

1. How to pay a premium? What are the modes of payment available?

The ICICI Lombard Company offers 2 modes of premium payment namely:

• Cash/cheque payment at the branch
• Online Payment

For the online payment mode, the policyholder can pay via;

• Credit Card
• Debit Card
• Net banking

2. How can I check ICICI Lombard Two Wheeler Insurance policy status?

Use the ICICI Lombard Online Manager to check the policy status and make payments online. Log in with your existing ICICI Lombard User ID and password. If you don’t have one, register at the portal.

3. What is the ICICI Lombard Two Wheeler Insurance policy renewal process?

You can renew the ICICI Lombard policy online on the Company website.
Step1: Enter your Policy details on the e-Portal RENEW on the website of ICICI Lombard
Step2: Select the payment option- Debit/Credit Card or Net Banking
Step3: Print/save the premium deposit receipt on successful payment

4. What is the ICICI Lombard company process to settle two wheeler insurance claim?

You need to call on the toll-free number of the company and register the claim. In 24 hours the customer service manager will contact you and ask you for certain documents. The payment is directly made to the preferred hospital or preferred garage whatever the case may be.

5. What is the cancellation process for ICICI Lombard bike insurance?

You can walk into your nearest branch with your policy documents and a duly filled surrender form. The policy will be cancelled and refunds directly credited in your bank account.

ICICI Lombard Two Wheeler Insurance - Latest News

ICICI Lombard official Says in Every Three Quarters Two Wheeler Bikes are not at all Secured & Not Probably Insured

Dec 2nd, 2015: The survey report of ICICI Lombard reveals that major automobiles that are being seen on the road are hardly insured and does not have proper papers that are compulsory according to the law. The speaker from the company says, according to the 70% database of the automobile and bike, about more 5% additional is without any insurance coverage and those are easily dwelling on the road. It might be the case that they have never gained any coverage or it can so happen that the coverage is completely expired. The report says that among 32.9 million of listing only 9.5 million automobiles are uninsured. Mr Datta, the Chief-Underwriting of Claims and Reinsurance (ICICI Lombard) reveals that there is always a third part cover according to the Motor vehicle Act and the coverage is very much low in number. The company ICICI introduced a three-year full proof plan for the bikes that had a great success according to the sales forecast.